MINEX Forum

Tag: Zijin Mining Group

  • Zijin’s Serbian Copper-Gold Operation Posts €1.1 Billion Net Profit in 2025 as Revenues Surge 22%

    Zijin’s Serbian Copper-Gold Operation Posts €1.1 Billion Net Profit in 2025 as Revenues Surge 22%

    Srbija Zijin Mining, the Serbian arm of Chinese mining giant Zijin Mining Group, has reported a net profit exceeding €1.1 billion for 2025 — a 60% increase on the prior year and nearly four times the level recorded in 2021, when the Čukaru Peki mine first came into production.

    The company’s operating revenues reached 213.8 billion dinars in 2025, up more than 18% year-on-year, with the overwhelming majority — 210.9 billion dinars — generated through the sale of copper and gold ore concentrates to affiliated entities abroad. Total revenues climbed to 224 billion dinars, and with expenses growing at a slower pace, overall profitability surged by more than 22%.

    At the heart of the operation is the Čukaru Peki copper-gold mine, located six kilometres from the town of Bor in eastern Serbia, which processes three to four million tonnes of ore annually at average grades of 2.9% copper and 1.7 grams of gold per tonne. Zijin entered Serbia in January 2019 through its acquisition of Canadian company Nevsun Resources, which held ownership of the Čukaru Peki deposit — considered one of the richest ore bodies of its kind in Europe. The mine was formally commissioned in 2021.

    The company also holds five exploration licences across Serbia and retains 100% ownership of both the upper and lower zones of the Čukaru Peki deposit. Development of the Lower Zone is planned across three phases, with intensive construction scheduled to continue through to 2052, according to the annual report. Finalisation of studies and acquisition of trial permits are currently underway.

    Beyond its core mining operations, Srbija Zijin Mining acquired 930 hectares of land across 2,523 plots in 2025, paying €31.25 million in compensation, and took over a former Falkensteiner hotel in Novi Beograd through the acquisition of company Alba Invest. The company’s cash position nearly doubled, rising from 5.9 billion to 10.5 billion dinars, while total property, plant and equipment increased from 117 billion to 133 billion dinars. By the end of 2025, the company employed 1,369 people.

    Srbija Zijin Mining is wholly owned by Čukaru Peki, a Netherlands-registered entity, and forms part of Zijin Mining Group’s global portfolio, which spans 16 provincial-level regions within China and 21 projects across 15 countries, including the Kamoa-Kakula and Kolwezi copper mines in the Democratic Republic of Congo and the Buriticá gold mine in Colombia.

  • Zijin Mining to invest further $3.8 bln in Serbia copper project

    Zijin Mining to invest further $3.8 bln in Serbia copper project

    On September 11th, China’s Zijin Mining Group announced a substantial investment of $3.8 billion (3.5 billion euros) in the development of the Cukaru Peki Lower Zone mine within the Timok copper-gold project, situated in eastern Serbia, as disclosed by the government.

    Furthermore, a separate agreement has been finalized for a 300 MW solar power plant project, aimed at fulfilling the company’s energy requirements. This solar power plant investment stands at $200 million and will facilitate the integration of renewable energy sources into mining operations.

    Zijin had previously injected $678 million into the development of the Cukaru Peki mine, which commenced operations in 2021.

    These investments are expected to establish Serbia as a significant copper producer in Europe and a notable gold producer, while also creating opportunities for additional investments, as emphasized by the government.

    The Timok project comprises both the Cukaru Peki Upper Zone and Lower Zone and is strategically located within the central zone of the Timok Magmatic Complex (TMC) in the Serbian portion of the East European Carpathian-Balkan Arc. The TMC boasts one of the highest concentrations of copper enrichment within the Tethyan Belt.

  • China Eyes Billion Dollar Serbian Copper Mine Investment

    China Eyes Billion Dollar Serbian Copper Mine Investment

    China is gearing up for a substantial expansion of copper mining activities in Serbia as global demand for this vital metal, crucial for the global transition to green energy, outpaces supply. The race to secure materials and supply chains essential for green-energy transition has intensified, with China emerging as a dominant supplier of critical minerals required for technologies such as wind turbines, power grids, and electric vehicles.

    Zijin Mining Group, China’s largest gold miner and a significant copper producer, is set to increase copper extraction at the Cukaru Peki copper and gold mine in Eastern Serbia. This mine was inaugurated approximately two years ago, with an initial investment of US$678 million to commence operations. Now, China is eyeing further exploration, drilling nearly two kilometers deeper to tap into additional reserves.

    Branko Rakocevic, the leading Serbian official associated with the mine, revealed in media statements, “These are extensive reserves, necessitating additional infrastructure and an extra investment of approximately US$3.5 billion to US$3.8 billion.”

    Situated in the eastern Bor region, the mine comprises an upper and lower zone. Last year, production from the upper area yielded 111,000 tons of copper and 152,000 ounces of gold. Its potential annual capacity is estimated at 91,400 tons of copper and 2.5 tons of gold, with the possibility of reaching peak outputs of 135,000 tons of copper and 6.1 tons of gold.

    Once both zones reach their full capacity, the Cukaru Peki mine is poised to position Serbia as Europe’s second-largest copper-producing nation. Europe’s largest copper producer is the Skouriotissa Mine in Nicosia, Cyprus.

    Rakocevic emphasized, “Copper enjoys consistent global demand, justifying long-term investments. The market remains stable, with prices experiencing a decline from last year, but we anticipate limited volatility.”

    According to McKinsey, the global transition toward a greener economy will drive annual copper demand to 36.6 million tons by 2031. In contrast, supply is projected to reach around 30.1 million tons by the same year, up from the current 22 million tons, resulting in a potential shortfall of 6.5 million tons at the beginning of the next decade.

    Serbia, not being part of the European Union, maintains a Free Trade Agreement with the Eurasian Economic Union (EAEU), encompassing Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. China also holds a non-preferential Free Trade Agreement with the EAEU, a flexible arrangement allowing Beijing to negotiate tariff reductions as needed.

    In April 2023, China and Serbia initiated negotiations for a free trade agreement. Serbia stands as China’s primary trading partner in Central and Eastern Europe, with bilateral trade surging by 10.1% year-on-year to reach US$3.55 billion in 2022.